大华继显：升金风科技(02208)目标价至10.8港元 维持“买入”评级

Core Viewpoint - Goldwind Technology (02208) reported a net profit of approximately 1.49 billion RMB for the first half of the year, representing a year-on-year increase of 7.3%, which aligns with expectations [1] Financial Performance - Revenue increased by 41.3% year-on-year to 28.5 billion RMB, primarily driven by a 107% increase in wind turbine deliveries [1] - The profit margin for the wind turbine business rose to 8%, while the overall profit margin decreased by 2.9 percentage points to 15.3% due to a decline in contributions from wind farms [1] Operational Metrics - The attributable wind farm capacity reached 8,652 megawatts, with a total electricity generation of 8.495 billion kilowatt-hours, marking a 14% year-on-year growth [1] - However, the decline in electricity prices led to an 8.6% year-on-year decrease in electricity revenue [1] Investment Rating - The firm maintains a "Buy" rating for Goldwind Technology, with the target price raised from 7.5 HKD to 10.8 HKD [1]